Valuation too high sorry for all the questions

edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
11 replies 1.2K views
LADYXXMACBETHLADYXXMACBETH Forumite
165 Posts
Tenth Anniversary 100 Posts Combo Breaker
edited 30 November -1 at 1:00AM in House Buying, Renting & Selling
So I am selling my house and the EA valuations have come back at £115k and £119k. We want a quick sale and I want to put it on for offers over £100k. Am I crazy? The only reason I say this is that I know what all the problems are in this house it is damp and the windows have no handles. The boiler is broken and the rendering is blown. My fear is that if it is too cheap people will wonder why it is so cheap and think there are worse problems than there are. At the same time I don't want a nice couple to buy this house and then realise that there is no CH and the windows are permenently locked. and there is 3k of rendering work to be done at some point in the near future. I don't think this house is in bad shape and you could get it to a really great standard with about 7k and the houses in our area with all mod cons are selling for about 130k so theres a profit to be made. I'm so confused !
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Replies

  • It seems to me that you know exactly what the value of your house is, and can justify it with the cost of the work needed, so why not sit down with your preferred EA and ask them to explain their valuation and 'compare notes'?

    A good discussion will clear up any misunderstandings on both sides, and give the agent an easy job of selling it if they know what price you'll accept.
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  • if good houses in your area, similar size are selling for £130, then a house needing £7k of work selling for £120 (under stamp duty threshold) is not unrealistic

    not sure what you are expecting ?
  • It's always worth try at putting your house on at the valuation price. I am sure a survey will pick up on all the things you have mentioned so the buyer will be aware. If it doesn't sell you can always reduce the price. if you put it on at offers over £100k people will always try and haggle you down from that too.
  • Yorkie1Yorkie1 Forumite
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    I agree that "offers over" is a tactic which may well backfire on you:
    a) people ignore it and you are likely to get offers below, as stated by another poster; and
    b) people assume you're greedy and won't be minded to negotiate - some people will simply refuse to view on this basis.

    Put it on at the valuations, perhaps £120K, and ensure the property particulars state that the property is priced to reflect the identified work.

    Is it possible to get a quote from a DG repairs company to replace the window handles?
  • LADYXXMACBETHLADYXXMACBETH Forumite
    165 Posts
    Tenth Anniversary 100 Posts Combo Breaker
    Yorkie1 wrote: »
    I agree that "offers over" is a tactic which may well backfire on you:
    a) people ignore it and you are likely to get offers below, as stated by another poster; and
    b) people assume you're greedy and won't be minded to negotiate - some people will simply refuse to view on this basis.

    Put it on at the valuations, perhaps £120K, and ensure the property particulars state that the property is priced to reflect the identified work.

    Is it possible to get a quote from a DG repairs company to replace the window handles?

    We have looked at getting them fixed but they are old windows and the handles are not producaed anymore. It's a fixer upper and Id like a buy to letter to buy it
  • ethankethank Forumite
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    I was persuaded to go with a Guide price of £105 to £115k by an EA. All of my offers came in below £105k. In the end I said just market at £109k, and we got a little under that.

    Better to go higher and reduce than go the other way!
  • highguyukhighguyuk Forumite
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    I would go exactly with what the EA suggests. Put it on the market initially for £119k.

    However, all viewers to the property should be made exactly aware of the issue you are aware of and that offers may be considered. That way, they can budget for those issues in advance of the offer.

    Alternatively, someone may walk through the front door, love the place, offer £119k and purchase at £119k and you've got £19k in your pocket you didn't expect.

    But, if you start too low on your initial listing price, there is no way back up after negotiation.
  • Did you explain to the EA's that you wanted a quick sale or did you just ask for a valuation?

    Most, but not all, EA's will start at the higher end of the likely valuation, to try and get the business.

    If you want a quick sale and want to put it on at a competitive AP, you could also consider negotiating a reduction in fees as there will be less marketing work to do for the EA. But, don't only speak to one EA about the 'quick sale' value - ask at least 3.

    If you do put the AP at the EA's valuation amounts, make sure it is clear in the description that there is work that needs doing.
    It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
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  • CWSmithCWSmith Forumite
    451 Posts
    Trust the EA.
    My parent's house (having had 5 years of tenants) needs work. That's putting it mildly! The EA valued it at £340k. I was very, very sceptical that it would get anything like that. I thought £300-£310k was a far more realistic valuation (A pristine house opposite had just sold for £350).

    However, it was on the market for exactly 8 days (with dozens of viewing) before I accepted an offer of £330k. I was gobsmacked!! (And delighted).
  • Where are you in the country and what is the housing market like there?

    If the market is buoyant, then near EA valuation may be achievable. But if the market is stagnant, and you want a quick sale it may not be so easy if you go for the EA valuation.
    It is a good idea to be alone in a garden at dawn or dark so that all its shy presences may haunt you and possess you in a reverie of suspended thought.
    James Douglas
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